Fool dancing with elderly (3)
I believe the answer is:
old
'elderly' is the definition.
(similar in meaning)
'fool dancing with' is the wordplay.
'with' indicates a hidden word.
'OLD' can be found hidden inside 'fool dancing'.
(Other definitions for old that I've seen before include "Long-lived" , "At an early stage - at a late stage" , "Venerable" , "Senescent" , "Former, previous" .)